PetroNor Announces $20m OML 113 Acquisition Deal

PetroNor E&P has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje field. This acquisition not only strengthens the company’s position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility. According to the agreement, PetroNor will pay New Age $6 million cash plus a deferred future gas production payment up to a maximum of $20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (JOA) of 32 per cent. Subject to completion, the agreement will not only increase PetroNor’s economic stake but also reinforce the company’s active involvement and influence in the licence partnership plan for the re-development of the Field. PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy’s Nigeria interests in a transaction which was completed in 2022. The company is working with the OML 113 operator, Yinka Folawiyo Petroleum (‘YFP’), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39 per cent. Following completion of these transactions, PetroNor and YFP related entities will have a project economic and JOA voting interest of 71 per cent. The Aje field is estimated to contain recoverable resources of 480 billion cubic feet, BCF of gas, 54 million barrels, mmbbls oil, condensate and LPG. The acquisition of New Age’s Aje interests will increase PetroNor’s net 2C contingent resources in Aje from 27.1 mmboe to 70.1 mmboe. Interim CEO of PetroNor Jens Pace said: “This acquisition is consistent with PetroNor’s commitment to expanding its portfolio while demonstrating shareholder value. Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje field. We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives.” Completion of the transaction is subject to customary conditions, including regulatory approvals in Nigeria.

NDLEA intercepts fake $20m on Lokoja-Abuja Highway

A ‘Stop-and-Search’ operation by operatives of the NDLEA on the Lokoja-Abaji (FCT) Highway has yielded 20 million counterfeit dollars. Spokesman of the NDLEA stated on Sunday in Abuja that the fake currencies were recovered from a bus travelling from Lagos and heading to Abuja. He stated that the 53-year-old driver of the vehicle, Onyebuchi Nlededin, was arrested. Babafemi stated also that one Jude Ndubuisi (52) was arrested in a raid on Aug. 17 while in possession of 2.2kg of methamphetamine at Kabusa village, FCT. He added that the suspect was earlier arrested on July 7, 2022 for being in possession of 20.75kg of Indian hemp and that he was on court bail when he was nabbed for yet another drug crime. “Another raid on two notorious drug joints in the FCT – “Dei-Dei’’ and Tora-Bora Hills, led to the recovery of 82.8kg skunk, 1.8kg Rohypnol and 1.2kg diazepam on Wednesday, Aug. 16. “In Osun, NDLEA operatives destroyed clusters of Indian hemp plantations measuring about 3.5 hectares (more than 7.5 tons) at Mopatedo in Ifedayo Local Government Area of the state on Saturday, Aug. 19 “Two suspects – Sunday Otogbo (40), and Peter Makra (35), were arrested inside the Indian hemp farms. “An additional 30kg of Indian hemp and 16.9kg of Indian hemp seeds were also recovered from the farms,’’ he stated. Babafemi added that three other suspects – Ndubuisi Okorie (44), Ebilima Emmanuel (38), and Okechukwu Smart (40), were arrested on Aug. 19 in connection with 168kg of Indian hemp seized from them. The suspects were arrested when their vehicle was intercepted on the Owerri-Onitsha Expressway, he stated. “A shipment of 6,000 capsules of tramadol, 1,200 tablets of `swinol’, 155 bottles of codeine syrup and 20 tablets s of Molly was equally seized on the same road on Sunday Aug. 13. “A follow-up operation at Oyigbo area of Port Harcourt, led to the arrest of the owner of the consignment, Remigius Ogechukwu (33),’’ Babafemi added. He stated also that a teenager, Boniface Odinakachukwu (19), was arrested with 99.4kg skunk at Isikwe Road, Achi in Oji-River Local Government Area of Enugu State on Friday, Aug. 18. The NDLEA spokesman added that a wanted 19-year-old bandit, Aliyu Mohammed Altine, was arrested by NDLEA operatives on Illela-Sokoto Road with some wraps of skunk on Thursday, Aug. 17. Altine was on the wanted list of the police and has since been handed over to the police in Sokoto State for further investigation, Babafemi stated.